Photo: Shutterstock Pa.'s Usury Laws Can Be Applied to Out-of-State Lenders, 3rd Circuit Rules
"Unlike the sale of a good, a TitleMax loan has a longer lifespan: it involves later payments and permits a physical taking (repossession) from inside another state," Third Circuit Judge Patty Shwartz said.
January 25, 2022 at 01:45 PM
3 minute read
Financial Services and Banking
Applying Pennsylvania's usury laws to out-of-state lending companies does not violate the commerce clause, a federal appellate court has ruled in a precedential opinion.
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